Oil prices rise to three-year high on back of supply deficit forecasts | Reuters
Oil prices settled at a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand.
Brent crude futures settled up 86 cents, or 1%, at$84.86 a barrel. Front-month prices, which touched their highest level since October 2018 at $85.10, hit a weekly rise of 3%, its sixth straight weekly gain.
U.S. West Texas Intermediate (WTI) crude futures rose 97 cents, or 1.2%, to $82.28 a barrel. The was up 3.5% on the week in an eighth consecutive weekly rise.
Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost from power generators who have been turning away from expensive gas and coal to fuel oil and diesel.
Friday, 15 October 2021
#Dubai to restrict cargo imports into airport to clear shipment backlog | Financial Times
Dubai to restrict cargo imports into airport to clear shipment backlog | Financial Times
Dubai will restrict imports of cargo into its international airport for six days from Tuesday to clear a backlog caused by “extraordinarily high” volumes of inbound shipments.
Dnata, the cargo handling arm of government-owned airline group Emirates, said the restrictions would also include transit cargo en route to other destinations in the United Arab Emirates. Certain categories of essential freight would be exempted.
“We are currently working around the clock to clear the backlog of unprocessed cargo at Dubai International Airport, caused by extraordinarily high volumes of inbound cargo to Dubai, and will endeavour to resume normal operations at the earliest,” a dnata spokesperson told the Financial Times. “We apologise for any inconvenience caused to our customers during this unprecedented time.”
Dubai, a regional trade, tourism and financial hub, has been dragged into global supply chain chaos two weeks after the opening of the delayed Expo 2020 world fair, where 192 nations are participating in a massive event that runs until the end of March.
#AbuDhabi holding company ADQ acquires remaining shares in health insurer Daman
Abu Dhabi holding company ADQ acquires remaining shares in health insurer Daman
Abu Dhabi’s holding company ADQ signed a definitive agreement to acquire the remaining 20 per cent equity stake in the National Health Insurance Company, or Daman, as it is known, from Munich Re, as it continues to boost its healthcare portfolio.
Munich Re will continue to be Daman’s reinsurer as part of the deal and will provide support in delivering healthcare insurance services during the next stage of Daman's growth, ADQ said on Thursday.
It did not give the value of the transaction, which is subject to regulatory approvals.
“We have worked closely with Munich Re on setting Daman’s strategy as an industry leader in the insurance sector,” said Fahad Al Qassim, executive director of health care and pharma at ADQ.
Abu Dhabi’s holding company ADQ signed a definitive agreement to acquire the remaining 20 per cent equity stake in the National Health Insurance Company, or Daman, as it is known, from Munich Re, as it continues to boost its healthcare portfolio.
Munich Re will continue to be Daman’s reinsurer as part of the deal and will provide support in delivering healthcare insurance services during the next stage of Daman's growth, ADQ said on Thursday.
It did not give the value of the transaction, which is subject to regulatory approvals.
“We have worked closely with Munich Re on setting Daman’s strategy as an industry leader in the insurance sector,” said Fahad Al Qassim, executive director of health care and pharma at ADQ.
Oil prices scale $85/bbl on back of supply deficit | Reuters
Oil prices scale $85/bbl on back of supply deficit | Reuters
Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products.
Brent crude futures were up 80 cents, or 0.95%, to $84.80 a barrel at 0930 GMT. Front-month prices, which earlier touched their highest since October 2018 at $85.10, are set to climb for the sixth straight week, heading for a 3% hike this week.
U.S. West Texas Intermediate (WTI) crude futures rose 73 cents, or 0.9%, to $82.04 a barrel. The contract is heading for a 3.3% gain on the week, up for the eighth consecutive week.
Strong stock markets on both sides of the Atlantic, often traced by oil prices, also gave a boost.
Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products.
Brent crude futures were up 80 cents, or 0.95%, to $84.80 a barrel at 0930 GMT. Front-month prices, which earlier touched their highest since October 2018 at $85.10, are set to climb for the sixth straight week, heading for a 3% hike this week.
U.S. West Texas Intermediate (WTI) crude futures rose 73 cents, or 0.9%, to $82.04 a barrel. The contract is heading for a 3.3% gain on the week, up for the eighth consecutive week.
Strong stock markets on both sides of the Atlantic, often traced by oil prices, also gave a boost.
#Dubai Court Tells Nissan to Pay $354 Million to Gulf Partner - Bloomberg
Dubai Court Tells Nissan to Pay $354 Million to Gulf Partner - Bloomberg
Nissan Motor Co. was told by a court in the United Arab Emirates to pay 1.3 billion dirhams ($354 million) to a joint-venture partner that sued the Japanese automaker of breaching an agreement over the distribution of vehicles in the region.
Al Dahana FZCO, a Dubai-based company established by people with links to former Nissan Chairman Carlos Ghosn, accused Nissan in 2019 of reneging on its contractual obligations. That happened months after Ghosn was arrested in Tokyo on allegations of understating his compensation, although he has since fled Japan to escape trial and now resides in Lebanon.
Nissan said the partnership ended in 2019 after it fully complied with its contractual obligations, and that legal proceedings are ongoing in the emirate. “We are confident that Nissan has acted properly throughout and look forward to resolving the matter through the Dubai courts for the benefit of our employees, customers and stakeholders,” Azusa Momose, a spokeswoman for the Yokohama-based company, wrote in an emailed statement.
Nissan has been dealing with a plethora of legal issues since the arrests of the auto executive and Greg Kelly, a former Nissan director who was accused of helping Ghosn hide income. Nissan was also charged, and in turn the automaker has sued its former chairman in Japan. There are also legal proceedings in France and the Netherlands. Last month, Nissan agreed to settle a U.S. class action by investors who said they were misled about Ghosn’s compensation. Kelly’s trial is ongoing in Japan, with a verdict due in March.
Nissan Motor Co. was told by a court in the United Arab Emirates to pay 1.3 billion dirhams ($354 million) to a joint-venture partner that sued the Japanese automaker of breaching an agreement over the distribution of vehicles in the region.
Al Dahana FZCO, a Dubai-based company established by people with links to former Nissan Chairman Carlos Ghosn, accused Nissan in 2019 of reneging on its contractual obligations. That happened months after Ghosn was arrested in Tokyo on allegations of understating his compensation, although he has since fled Japan to escape trial and now resides in Lebanon.
Nissan said the partnership ended in 2019 after it fully complied with its contractual obligations, and that legal proceedings are ongoing in the emirate. “We are confident that Nissan has acted properly throughout and look forward to resolving the matter through the Dubai courts for the benefit of our employees, customers and stakeholders,” Azusa Momose, a spokeswoman for the Yokohama-based company, wrote in an emailed statement.
Nissan has been dealing with a plethora of legal issues since the arrests of the auto executive and Greg Kelly, a former Nissan director who was accused of helping Ghosn hide income. Nissan was also charged, and in turn the automaker has sued its former chairman in Japan. There are also legal proceedings in France and the Netherlands. Last month, Nissan agreed to settle a U.S. class action by investors who said they were misled about Ghosn’s compensation. Kelly’s trial is ongoing in Japan, with a verdict due in March.
Oil prices climb more than 3%, set for multi-week gains | Reuters
Oil prices climb more than 3%, set for multi-week gains | Reuters
Oil prices climbed on Friday, heading for gains of more than 3% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products.
Brent crude futures touched their highest since October 2018, rising 84 cents, or 1%, to $84.84 a barrel by 0652 GMT. Front-month prices are set to climb for the sixth straight week, up 3% this week.
U.S. West Texas Intermediate (WTI) crude futures rose 74 cents, or 0.9%, to $82.05 a barrel, adding to an 87 cent jump on Thursday. The contract is heading for a 3.4% gain on the week, up for the eighth consecutive week.
Analysts pointed to a sharp drop in OECD oil stockpiles to their lowest level since 2015. Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost coming from industry turning away from expensive gas and coal to fuel oil and diesel for power.
Oil prices climbed on Friday, heading for gains of more than 3% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products.
Brent crude futures touched their highest since October 2018, rising 84 cents, or 1%, to $84.84 a barrel by 0652 GMT. Front-month prices are set to climb for the sixth straight week, up 3% this week.
U.S. West Texas Intermediate (WTI) crude futures rose 74 cents, or 0.9%, to $82.05 a barrel, adding to an 87 cent jump on Thursday. The contract is heading for a 3.4% gain on the week, up for the eighth consecutive week.
Analysts pointed to a sharp drop in OECD oil stockpiles to their lowest level since 2015. Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost coming from industry turning away from expensive gas and coal to fuel oil and diesel for power.
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